Investors who bought shares between August 26 and September 2, 2026, and held through September 3 or later may be eligible for compensation claims against Heilongjiang Publishing&Media Holdings Co.,Ltd. (605577), following a regulatory warning over misleading AI-related disclosures. Affected shareholders can register for rights protection through the investor compensation platform at http://wq.finance.sina.com.cn.
The company, which controls seven publishing houses including Heilongjiang People's Press, along with the Xinhua Bookstore Group, Xinhua Printing Group, and Press Media Group among over 100 subsidiaries, operates in the education publishing sector under the Shenwan industry classification. On September 4, 2026, the company disclosed a regulatory decision against the firm and related responsible individuals concerning inaccurate information disclosure.
According to the regulatory findings, the company's semi-annual report released on August 26, 2026, stated that its first AI-generated comic series "Crossing 1988" had completed 170 episodes, achieving over 120 million views across platforms and a popularity score exceeding 40 million on Hongguo. Following this disclosure, the stock price rose for four consecutive trading days from August 31 to September 3. However, subsequent announcements painted a different picture regarding the financial impact of this AI video business.
The company's September 2 announcement regarding unusual stock trading fluctuations and the September 3 risk warning both stated that the AI video business had not generated any operating revenue. A later announcement on September 4 clarified that the AI video segment generated approximately 80 yuan in revenue in June and about 75,000 yuan in July, representing less than 0.01% of the company's audited 2025 operating revenue.
Given the high market attention surrounding AI video technology, such information could significantly influence share prices and investor decisions. The company's initial semi-annual report failed to adequately explain the specific revenue scale, proportion, and actual impact of the AI video business on operating performance, thus failing to accurately reflect the true state of operations. Additionally, the revenue figures differed between the stock fluctuation announcement and the risk warning notice, creating inconsistency in disclosures.
This selective disclosure pattern, highlighting only positive operational metrics while omitting the negligible revenue contribution, may mislead investors into believing the AI business had already made substantial contributions to company performance. Under Article 4 of the Supreme People's Court's regulations on civil compensation for false statements in securities markets, misleading statements are defined as disclosures that conceal material facts or fail to provide timely corrections, rendering previously released information incomplete and inaccurate.
The compensation eligibility criteria apply to investors who purchased shares between August 26 and September 2, 2026, and either sold or continued holding on or after September 3, 2026. Both individual and institutional investors qualify. The final compensation conditions will be determined by effective court judgments.